Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Shop Ltd. is a mid-sized public company that had been in operation for many years. On December 31, 2023, it had an unlimited number

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Pharoah Shop Ltd. is a mid-sized public company that had been in operation for many years. On December 31, 2023, it had an unlimited number of common shares authorized and 5.2 million shares issued at an average value of $29 per share. As well, there were 5.0 million preferred shares authorized, with 250,000 of them issued at $19 per share. The balance in retained earnings was $26,690,000. The balance in accumulated other comprehensive income was $532,000. The preferred shares pay an annual dividend of $2 per share. During 2024 , the following transactions affected shareholders' equity: 1. In total, 200,000 new common shares were issued at $34 per share. 2. The preferred dividend for the year was declared and paid. 3. A 10% common stock dividend was declared when the market price was $33 per share. The shares were distributed one month after the declaration. 4. In early December 2024, a dividend of $1.60 per share was declared on the common shares. The date of record was December 15,2024 . The dividend was to be paid the following year. 5. The company earned net income of $14,960,000 and had an other comprehensive loss of $135,000. 6. On December 31,2024 , the company declared a two-for-one stock split on common shares. Use a spreadsheet or table format to track all of the changes in the shareholders' equity accounts in 2024. (If an amoun Number of preferred Shares Preferred shares $ $ 4750000 250000 250000 Accumulated other comprehensive income Retained earnings $ $ 532000 Total $ 182772000 6800000 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Decision Emphasis

Authors: Germain B. Boer, William L. Ferrara, Debra C. Jeter

4th Edition

0873939123, 978-0873939126

More Books

Students also viewed these Accounting questions